HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
REFERENCE CODE GDPE1058MAR | PUBLICATION DATE SEPTEMBER 2013
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 2 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Executive Summary
Global HVDC Converter Station Market Expected to Experience Substantial Growth
With the rising demand for electricity in Asia-Pacific
countries and other developing nations, the need
to transmit electricity over long distances with
fewer transmission losses has increased. The
share of clean power from hydropower, wind and
other renewable energy sources in the global
energy mix is expected to increase, although
power plants producing these sorts of energy are
expected to be far away from urban areas. High
Voltage Direct Current (HVDC) transmission is
expected to be used to transmit clean electricity
generated from renewable power plants to urban
areas, and hence the increasing requirements,
along with investments in HVDC transmission, are
expected to drive the HVDC market. The market
revenue of the global HVDC converter station
market increased from $XX billion in 2006 to $XX
billion in 2012.
Most countries worldwide have established targets
to increase the percentage contribution of
renewable energy sources in their generation mix.
As a result, significant numbers of hydropower
plants, solar photovoltaic, and onshore and
offshore wind plants are expected to come online
in the coming years. Among these, hydropower
and offshore wind power plants are expected to
show particularly impressive growth over the
forecast period.
These plants are expected to be built far away
from load centers and require transmission
networks to transmit the power to the load centers.
This is expected to benefit the HVDC converter
station market, as these units are used to transmit
the power from power-generating sources to load
centers.
The global HVDC converter station market is also
expected to benefit from the increasing number of
cross-border interconnections in the Europe, Asia-
Pacific and Middle-East regions over the forecast
period. Concerns over electricity security and
reliability, as well as rising electricity prices, are
promoting electricity trade between the countries in
these regions. In Europe, many of the existing
transmission lines have reached the maximum
transmission capacities they were designed for.
Many new interconnections are planned between
the UK, Germany, Poland, France and Sweden,
among others, to enable electricity trading.
Similarly, in the Middle-East the Gulf Corporation
Council Interconnection project aims to establish
HVDC interconnection between Saudi Arabia and
its neighboring Gulf countries, which is expected to
drive the global HVDC converter station market.
Driven by these factors, the market is expected to
increase to $XX billion over the forecast period of
2013 to 2020.
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 3 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Executive Summary
HVDC Converter Station Market, Global, Market Size ($bn), 2006–2020
2006–2012 2013–2020
Mar
ket s
ize
($bn
)
Source: GlobalData, Power eTrack [Accessed on July 20, 2013]
China: Key Market for HVDC Converter Stations
China is the biggest market for HVDC substations
and accounted for a share of XX% of the global
market in 2012. Power plants in China are located
close to the sources of fuel – hydropower and
others – and are far away from the load centers.
This means that the power has to be transmitted
over long distances, leading to a growing need for
stable HVDC infrastructure.
There are a significant number of power generation
and infrastructure projects planned during the
forecast period in China, which will translate into
demand for HVDC converter stations. For
example, many new large-scale hydropower plants
are expected to come online in the southwestern
region, where hydropower resources are abundant,
and these would need to be connected to load
centers such as Shenzhen and Guangzhou. This
gives rise to opportunities for HVDC projects. Over
the 2013–2020 period, the cumulative revenues
from the Chinese HVDC converter station market
are expected to reach $XX billion.
HVDC Converter Station Market, China, Market Share (%), 2012
ChinaGlobal
2012
Source: GlobalData, Power eTrack [Accessed on July 3, 2013]
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 5 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
1 Table of Contents
1 Table of Contents .......................................................................................................................... 5
1.1 List of Tables ........................................................................................................................ 11
1.2 List of Figures ....................................................................................................................... 14
2 Introduction ................................................................................................................................. 17
2.1 HVDC Converter Station, Overview ...................................................................................... 17
2.2 GlobalData Report Guidance ................................................................................................ 20
3 Global HVDC Converter Station Market Analysis ........................................................................ 21
3.1 HVDC Converter Station Market, Global, Overview .............................................................. 21
3.2 HVDC Converter Station Market, Global, Drivers and Impact Analysis, 2013–2020 ............. 22
3.3 HVDC Converter Station Market, Global, Restraints and Impact Analysis, 2013–2020 ......... 27
3.4 HVDC Converter Station Market, Global, Revenue Analysis, 2006–2020 ............................. 30
3.5 HVDC Converter Station Market, Global, Annual Capacity Addition, 2006–2020 .................. 34
3.6 HVDC Converter Station Market, Global, Price Analysis, 2012 ............................................. 37
3.7 HVDC Converter Station Market, Global, Market Share Analysis, 2006–2012 ...................... 39
4 Global HVDC Converter Station Market, Key Country Analysis ................................................... 41
4.1 HVDC Converter Station Market Analysis, China, 2006–2020 .............................................. 41
4.1.1 HVDC Converter Station Market, China, Overview ......................................................... 41
4.1.2 HVDC Converter Station Market, China, Total Transmission Line Length, 2006–2020 ... 41
4.1.3 HVDC Converter Station Market, China, Major Contracts ............................................... 45
4.1.4 HVDC Converter Station Market, China, Revenue Analysis, 2006–2020 ........................ 46
4.1.5 HVDC Converter Station Market, China, Annual Capacity Addition, 2006–2020 ............. 49
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 6 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
4.1.6 HVDC Converter Station Market, China, Annual Volume, 2006–2020 ............................ 51
4.1.7 HVDC Converter Station Market, China, Average Price, (2006–2020) ............................ 53
4.1.8 HVDC Converter Station Market, China, Market Share Analysis by Revenues, 2012 ..... 55
4.2 HVDC Converter Station Market Analysis, Brazil, 2006–2020 .............................................. 57
4.2.1 HVDC Converter Station Market, Brazil, Overview .......................................................... 57
4.2.2 HVDC Converter Station Market, Brazil, Total Transmission Line Length, 2006–2020 ... 58
4.2.3 HVDC Converter Station Market, Brazil, Major Contracts ............................................... 61
4.2.4 HVDC Converter Station Market, Brazil, Revenue Analysis, 2006–2020 ........................ 62
4.2.5 HVDC Converter Station Market, Brazil, Annual Capacity Addition, 2006–2020 ............. 64
4.2.6 HVDC Converter Station Market, Brazil, Annual Volume, 2006-2020 .............................. 66
4.2.7 HVDC Converter Station Market, Brazil, Average Price, 2006-2020 ............................... 68
4.2.8 HVDC Converter Station Market, Brazil, Market Share Analysis by Revenues, (%), 2012
....................................................................................................................................... 70
4.3 HVDC Converter Station Market Analysis, India, 2006-2020 ................................................ 71
4.3.1 HVDC Converter Station Market, India, Overview ........................................................... 71
4.3.2 HVDC Converter Station Market, India, Total Transmission Line Length (Ckm), 2006-
2020 ............................................................................................................................... 72
4.3.3 HVDC Converter Station Market, India, Major Contracts................................................. 75
4.3.4 HVDC Converter Station Market, India, Revenue Analysis, 2006–2020 .......................... 76
4.3.5 HVDC Converter Station Market, India, Annual Capacity Addition, 2006–2020 .............. 78
4.3.6 HVDC Converter Station Market, India, Annual Volume, 2006–2020 .............................. 82
4.3.7 HVDC Converter Station Market, India, Average Price, 2006–2020 ................................ 84
4.3.8 HVDC Converter Station Market, India, Market Share Analysis by Revenues, 2012 ....... 86
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
4.4 HVDC Converter Station Market Analysis, UK, 2006–2020 .................................................. 87
4.4.1 HVDC Converter Station Market, UK, Overview ............................................................. 87
4.4.2 HVDC Converter Station Market, UK, Total Transmission Line Length, 2006–2020 ....... 88
4.4.3 HVDC Converter Station Market, UK, Major Contracts ................................................... 90
4.4.4 HVDC Converter Station Market, UK, Revenue Analysis, 2006–2020 ............................ 91
4.4.5 HVDC Converter Station Market, UK, Annual Capacity Addition, 2006–2020 ................. 94
4.4.6 HVDC Converter Station Market, UK, Annual Volume, 2006–2020 ................................. 97
4.4.7 HVDC Converter Station Market, UK, Average Price, 2006–2020 .................................. 98
4.4.8 HVDC Converter Station Market, UK, Market Share Analysis by Revenues, 2012 ........ 100
4.5 HVDC Converter Station Market Analysis, Sweden, 2006–2020 ........................................ 101
4.5.1 HVDC Converter Station Market, Sweden, Overview .................................................... 101
4.5.2 HVDC Converter Station Market, Sweden, Total Transmission Line Length, 2006–2020
..................................................................................................................................... 103
4.5.3 HVDC Converter Station Market, Sweden, Major Contracts ......................................... 105
4.5.4 HVDC Converter Station Market, Sweden, Revenue Analysis, 2006–2020................... 106
4.5.5 HVDC Converter Station Market, Sweden, Annual Capacity Addition, 2006–2020 ....... 109
4.5.6 HVDC Converter Station Market, Sweden, Annual Volume, 2006–2020 ....................... 111
4.5.7 HVDC Converter Station Market, Sweden, Average Price, 2006–2020 ......................... 113
4.5.8 HVDC Converter Station Market, Sweden, Market Share Analysis by Revenues, 2012 115
4.6 HVDC Converter Station Market Analysis, Norway, 2006–2020 ......................................... 117
4.6.1 HVDC Converter Station Market, Norway, Overview .................................................... 117
4.6.2 HVDC Converter Station Market, Norway, Total Transmission Line Length, 2006–2020
..................................................................................................................................... 118
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 8 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
4.6.3 HVDC Converter Station Market, Norway, Major Contracts .......................................... 120
4.6.4 HVDC Converter Station Market, Norway, Revenue Analysis, 2006–2020 ................... 121
4.6.5 HVDC Converter Station Market, Norway, Annual Capacity Addition, 2006–2020 ........ 124
4.6.6 HVDC Converter Station Market, Norway, Annual Volume, 2006–2020 ........................ 126
4.6.7 HVDC Converter Station Market, Norway, Average Price, 2006–2020 ......................... 128
4.6.8 HVDC Converter Station Market, Norway, Market Share Analysis by Revenues, 2011. 130
4.7 HVDC Converter Station Market Analysis, Germany, 2006–2020 ....................................... 131
4.7.1 HVDC Converter Station Market, Germany, Overview .................................................. 131
4.7.2 HVDC Converter Station Market, Germany, Total Transmission Line Length, 2006–2020
..................................................................................................................................... 132
4.7.3 HVDC Converter Station Market, Germany, Major Contracts ........................................ 134
4.7.4 HVDC Converter Station Market, Germany, Revenue Analysis, 2006–2020 ................. 135
4.7.5 HVDC Converter Station Market, Germany, Annual Capacity Addition, 2006–2020 ...... 137
4.7.6 HVDC Converter Station Markets, Germany, Annual Volume, 2006–2020 ................... 139
4.7.7 HVDC Converter Station Market, Germany, Average Price, 2006–2020 ....................... 141
4.7.8 HVDC Converter Station Market, Germany, Market Share Analysis by Revenues, 2012
..................................................................................................................................... 144
4.8 HVDC Converter Station, US, Market Analysis ................................................................... 145
4.8.1 HVDC Converter Station Market, US, Overview ........................................................... 145
4.8.2 HVDC Converter Station Market, US, Total Transmission Line Length, 2006–2020 ..... 146
4.8.3 HVDC Converter Station Market, US, Major Contracts ................................................. 148
4.8.4 HVDC Converter Station Market, US, Revenue Analysis, 2006–2020 .......................... 149
4.8.5 HVDC Converter Station Market, US, Annual Capacity Addition, 2006–2020 ............... 151
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 9 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
4.8.6 HVDC Converter Station Market, US, Annual Volume, 2006–2020 ............................... 153
4.8.7 HVDC Converter Station Market, US, Average Price, 2006–2020 ................................ 155
4.8.8 HVDC Converter Station Market, US, Market Share Analysis, 2012 ............................. 157
5 Appendix ................................................................................................................................... 159
5.1 Definitions .......................................................................................................................... 159
5.1.1 HVDC Converter Station ............................................................................................... 159
5.1.2 HVDC Transmission System ........................................................................................ 159
5.1.3 Power ........................................................................................................................... 159
5.1.4 Installed Capacity ......................................................................................................... 159
5.1.5 Electricity Generation .................................................................................................... 159
5.1.6 Net Electricity Consumption .......................................................................................... 159
5.1.7 Thermal Power Plant .................................................................................................... 159
5.1.8 Hydropower Plant ......................................................................................................... 160
5.1.9 Nuclear Power .............................................................................................................. 160
5.1.10 Renewable Energy Resources...................................................................................... 160
5.1.11 Electricity Consumption ................................................................................................ 160
5.1.12 Market Size................................................................................................................... 160
5.2 Abbreviations...................................................................................................................... 161
5.3 Bibliography........................................................................................................................ 162
5.4 Coverage ............................................................................................................................ 164
5.5 Methodology ....................................................................................................................... 164
5.5.1 Secondary Research .................................................................................................... 165
5.5.2 Primary Research ......................................................................................................... 165
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 10 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
5.5.3 Definitions, Market Estimates and Assumptions ........................................................... 166
5.6 Disclaimer .......................................................................................................................... 166
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 11 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
1.1 List of Tables
Table 1: HVDC Converter Station Market, Global, Annual Revenue ($bn), 2006–2020 ............................. 33
Table 2: HVDC Converter Station Market, Global, Annual Capacity Addition (GW), 2006–2020 ................ 36
Table 3: HVDC Converter Station Market, Global, Price Analysis ($/kW), 2012 ........................................ 38
Table 4: HVDC Converter Station Market, Global, Market Share (%), 2006–2012..................................... 39
Table 5: HVDC Converter Station Market, China, Transmission Line Length (Thousand Ckm), 2006–2020
.................................................................................................................................................. 44
Table 6: HVDC Converter Station Market, China, Annual Revenue ($bn), 2006–2020 .............................. 48
Table 7: HVDC Converter Station Market, China, Annual Capacity Addition (GW), 2006–2020 ................. 51
Table 8: HVDC Converter Station Market, China, Annual Volume (Units), 2006–2020 .............................. 53
Table 9: HVDC Converter Station Market, China, Average Price ($/kW), 2006–2020 ................................ 55
Table 10: HVDC Converter Station Market, China, Market Share (%), 2012 ............................................... 56
Table 11: HVDC Converter Station Market, Brazil, Transmission Line Length (Ckm), 2006–2020 ............... 61
Table 12: HVDC Converter Station Market, Brazil, Annual Revenue ($m), 2006–2020 ............................... 64
Table 13: HVDC Converter Station Market, Brazil, Annual Capacity Addition (GW), 2006–2020 ................. 66
Table 14: HVDC Converter Station Market, Brazil, Annual Volume (Units), 2006–2020 .............................. 68
Table 15: HVDC Converter Station Market, Brazil, Average Price ($/kW), 2006–2020 ................................ 70
Table 16: HVDC Converter Station Market, India, 12th Five-Year Plan Targets (2012–2017) ...................... 72
Table 17: HVDC Converter Station Market, India, Transmission Line Length (Thousand Ckm), 2006–2020 74
Table 18: HVDC Converter Station Market, India, Annual Revenue ($m), 2006–2020 ................................ 78
Table 19: HVDC Converter Station Market, India, Annual Capacity Addition (GW), 2006–2020 .................. 81
Table 20: HVDC Converter Station Market, India, Annual Volume (Units), 2006–2020................................ 83
Table 21: HVDC Converter Station Market, India, Average Price ($/kW), 2006–2020 ................................. 85
Table 22: HVDC Converter Station Market, India, Market Share (%), 2012 ................................................. 86
Table 23: HVDC Converter Station Market, UK, Transmission Line Length (Thousand Ckm), 2006–2020 .. 90
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
Table 24: HVDC Converter Station Market, the UK, Annual Revenue ($m), 2006–2020 ............................. 94
Table 25: HVDC Converter Station Market, UK, Annual Capacity Addition (GW), 2006–2020 ..................... 96
Table 26: HVDC Converter Station Market, UK, Annual Volume (Units), 2006–2020 .................................. 98
Table 27: HVDC Converter Station Market, UK, Average Price ($/kW), 2006–2020 .................................. 100
Table 28: HVDC Converter Station Market, UK, Market Share (%), 2012 ................................................. 101
Table 29: HVDC Converter Station Market, Sweden, Transmission Line Length (Ckm), 2006–2020 ......... 105
Table 30: HVDC Converter Station Market, Sweden, Annual Revenue ($m), 2006–2020 ......................... 108
Table 31: HVDC Converter Station Market, Sweden, Annual Capacity Addition (GW), 2006–2020 ........... 111
Table 32: HVDC Converter Station Market, Sweden, Annual Volume (Units), 2006–2020 ........................ 113
Table 33: HVDC Converter Station Market, Sweden, Average Price ($/kW), 2006–2020 .......................... 115
Table 34: HVDC Converter Station Market, Sweden, Market Share (%), 2012 .......................................... 117
Table 35: HVDC Converter Station Market, Norway, Transmission Line Length (Ckm), 2006–2020 .......... 120
Table 36: HVDC Converter Station Market, Norway, Annual Revenue ($m), 2006–2020 .......................... 123
Table 37: HVDC Converter Station Market, Norway, Annual Capacity Addition (MW), 2006–2020 ............ 126
Table 38: HVDC Converter Station Market, Norway, Annual Volume (Units), 2006–2020 ......................... 128
Table 39: HVDC Converter Station Market, Norway, Average Price ($/kW), 2006–2020 ........................... 130
Table 40: HVDC Converter Station Market, Norway, Market Share (%), 2011 .......................................... 131
Table 41: HVDC Converter Station Market, Germany, Transmission Line Length (Ckm), 2006–2020 ....... 134
Table 42: HVDC Converter Station Market, Germany, Annual Revenue ($m), 2006–2020 ........................ 137
Table 43: HVDC Converter Station Market, Germany, Annual Capacity Addition (MW), 2006–2020 ......... 139
Table 44: HVDC Converter Station Market, Germany, Annual Volume (Units), 2006–2020 ....................... 141
Table 45: HVDC Converter Station Market, Germany, Average Price ($/kW), 2006–2020 ........................ 143
Table 46: HVDC Converter Station Market, Germany, Market Share (%), 2012 ........................................ 144
Table 47: HVDC Converter Station Market, US, Transmission Line Length (Thousand Ckm), 2006–2020 148
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
Table 48: HVDC Converter Station Market, US, Annual Revenue ($m), 2006–2020 ................................. 151
Table 49: HVDC Converter Station Market, US, Annual Capacity Addition (GW), 2006–2020 ................... 153
Table 50: HVDC Converter Station Market, US, Annual Volume (Units), 2006–2020 ................................ 155
Table 51: HVDC Converter Station Market, US, Average Price ($/kW), 2006–2020 .................................. 157
Table 52: HVDC Converter Station Market, US, Market Share (%), 2012 ................................................. 158
Table 53: List of Abbreviations ................................................................................................................. 161
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
1.2 List of Figures
Figure 1: Schematic Diagram of HVDC Transmission System ................................................................... 18
Figure 2: Pictorial Representation of HVDC Back-to-Back Connection ....................................................... 19
Figure 3: HVDC Converter Station Market, Global, Drivers and Impact Analysis, 2013–2020 ..................... 22
Figure 4: HVDC Converter Station Market, Global, Restraints and Impact Analysis, 2013–2020 ................ 27
Figure 5: HVDC Converter Station Market, Global, AC Transmission vs. DC Transmission Price
Comparison................................................................................................................................ 29
Figure 6: HVDC Converter Station Market, Global, Annual Revenue ($bn), 2006–2020 ............................. 32
Figure 7: HVDC Converter Station Market, Global, Annual Capacity Addition (GW), 2006–2020 ................ 35
Figure 8: HVDC Converter Station Market, Global, Price Analysis ($/kW), 2012 ........................................ 38
Figure 9: HVDC Converter Station Market, Global, Market Share (%), 2012 .............................................. 40
Figure 10: HVDC Converter Station Market, China, Transmission Line Length (Thousand Ckm), 2006–2020
.................................................................................................................................................. 43
Figure 11: HVDC Converter Station Market, China, Annual Revenue ($bn), 2006–2020 .............................. 47
Figure 12: HVDC Converter Station Market, China, Annual Capacity Addition (GW), 2006–2020 ................. 50
Figure 13: HVDC Converter Station Market, China, Annual Volume (Units), 2006–2020 .............................. 52
Figure 14: HVDC Converter Station Market, China, Average Price ($/kW), 2006–2020 ................................ 54
Figure 15: HVDC Converter Station Market, China, Market Share (%), 2012 ............................................... 56
Figure 16: HVDC Converter Station Market, Brazil, Installed Capacity (%), 2012 and 2020 ......................... 58
Figure 17: HVDC Converter Station Market, Brazil, Transmission Line Length (Ckm), 2006–2020 ............... 60
Figure 18: HVDC Converter Station Market, Brazil, Annual Revenue ($m), 2006–2020 ............................... 63
Figure 19: HVDC Converter Station Market, Brazil, Annual Capacity Addition (GW), 2006–2020 ................. 65
Figure 20: HVDC Converter Station Market, Brazil, Annual Volume (Units), 2006–2020 .............................. 67
Figure 21: HVDC Converter Station Market, Brazil, Average Price ($/kW), 2006–2020 ................................ 69
Figure 22: HVDC Converter Station Market, India, Transmission Line Length (Thousand Ckm), 2006–2020 73
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
Figure 23: HVDC Converter Station Market, India, Annual Revenue ($m), 2006–2020 ................................ 77
Figure 24: HVDC Converter Station Market, India, Annual Capacity Addition (GW), 2006–2020 .................. 80
Figure 25: HVDC Converter Station Market, India, Annual Volume (Units), 2006–2020................................ 82
Figure 26: HVDC Converter Station Market, India, Average Price ($/kW), 2006–2020 ................................. 84
Figure 27: HVDC Converter Station Market, UK, Transmission Line Length (Thousand Ckm), 2006–2020 .. 89
Figure 28: HVDC Converter Station Market, UK, Offshore Round 3 Zones .................................................. 92
Figure 29: HVDC Converter Station Market, UK, Annual Revenue ($m), 2006–2020 ................................... 93
Figure 30: HVDC Converter Station Market, UK, Annual Capacity Addition (GW), 2006–2020 ..................... 95
Figure 31: HVDC Converter Station Market, UK, Annual Volume (Units), 2006–2020 .................................. 97
Figure 32: HVDC Converter Station Market, UK, Average Price ($/kW), 2006–2020 .................................... 99
Figure 33: HVDC Converter Station Market, Sweden, Power Generation Capacity (%), 2012 and 2020 ..... 102
Figure 34: HVDC Converter Station Market, Sweden, Transmission Line Length (Ckm), 2006–2020 ......... 104
Figure 35: HVDC Converter Station Market, Sweden, Annual Revenue ($m), 2006–2020 ......................... 107
Figure 36: HVDC Converter Station Market, Sweden, Annual Capacity Addition (GW), 2006–2020 ........... 110
Figure 37: HVDC Converter Station Market, Sweden, Annual Volume (Units), 2006–2020 ........................ 112
Figure 38: HVDC Converter Station Market, Sweden, Average Price ($/kW), 2006–2020 .......................... 114
Figure 39: HVDC Converter Station Market, Sweden, Market Share (%), 2012 .......................................... 116
Figure 40: HVDC Converter Station Market, Norway, Transmission Line Length (Ckm), 2006–2020 .......... 119
Figure 41: HVDC Converter Station Market, Norway, Annual Revenue ($m), 2006–2020 .......................... 122
Figure 42: HVDC Converter Station Market, Norway, Annual Capacity Addition (MW), 2006–2020 ............ 125
Figure 43: HVDC Converter Station Market, Norway, Annual Volume (Units), 2006–2020 ......................... 127
Figure 44: HVDC Converter Station Market, Norway, Average Price ($/kW), 2006–2020 ........................... 129
Figure 45: HVDC Converter Station Market, Germany, Power Generation Capacity (%), 2012 and 2020 ... 132
Figure 46: HVDC Converter Station Market, Germany, Transmission Line Length (Ckm), 2006–2020 ....... 133
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Table of Contents
Figure 47: HVDC Converter Station Market, Germany, Annual Revenue ($m), 2006–2020 ........................ 136
Figure 48: HVDC Converter Station Market, Germany, Annual Capacity Addition (MW), 2006–2020 ......... 138
Figure 49: HVDC Converter Station Market, Germany, Annual Volume (Units), 2006–2020 ....................... 140
Figure 50: HVDC Converter Station Market, Germany, Average Price ($/kW), 2006–2020 ........................ 142
Figure 51: HVDC Converter Station Market, Germany, Market Share (%), 2012 ........................................ 144
Figure 52: HVDC Converter Station Market, US, Transmission Line Length (Thousand Ckm), 2006–2020 147
Figure 53: HVDC Converter Station Market, US, Annual Revenue ($m), 2006–2020 ................................. 150
Figure 54: HVDC Converter Station Market, US, Annual Capacity Addition (GW), 2006–2020 ................... 152
Figure 55: HVDC Converter Station Market, US, Annual Volume (Units), 2006–2020 ................................ 154
Figure 56: HVDC Converter Station Market, US, Average Price ($/kW), 2006–2020 .................................. 156
Figure 57: HVDC Converter Station Market, US, Market Share (%), 2012 ................................................. 158
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Introduction
2 Introduction
2.1 HVDC Converter Station, Overview
With the increasing focus on renewable energy generation across the globe, large numbers of
hydropower and offshore wind power plants are expected to come online in the coming years. The
power generated at these sites will need to be transmitted over long distances, usually hundreds of
kilometers, to the load centers, where there is high demand for electricity. Because the offshore
wind farms and grids are Alternating Current (AC) systems, High Voltage Alternative Current
(HVAC) transmission systems were considered to be the best solution for power transmission.
However, HVAC are only capable of transmitting power without major Transmission and
Distribution (T&D) losses over between XX and XX kilometers (km). Beyond this significant T&D
losses are observed, due to the large amount of reactive power generated by the AC cables. High
Voltage Direct Current (HVDC) transmission systems, which have the capability to transmit power
over long distances with minimum T&D losses, are therefore being deployed widely for power
transmission from remotely located hydropower and offshore wind plants to urban areas.
An HVDC transmission link consists primarily of a converter station, in which the AC voltage of the
conventional power grid is converted into Direct Current (DC) voltage, a transmission line, and
another converter station at the other end, where the voltage is converted back into AC. Electricity
can be transported in both directions. The lines can go across land as overhead or underground
lines, can be installed under water as submarine cables, or a combination of these as required.
Transmission losses are lower for AC voltage than DC voltage, where the losses can amount to
several hundred thousand volts. The higher the voltage, the lower the transmission losses are, and
the more electricity can be transmitted via the line.
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Introduction
2.2 GlobalData Report Guidance
This report discusses the global HVDC converter station market. The layout of the report is as
follows:
The report begins with an executive summary, which details the key findings of the report.
Chapter two provides an introduction to the report, with an overview on the HVDC converter
station technology.
Chapter three provides an analysis of the global market for HVDC converter stations, which
includes revenue, capacity and average price forecasts for the period 2006 to 2020, impact
analysis of key drivers and restraints, and the market share of key players in the HVDC
converter station market.
Chapter four provides market analysis for key countries, which includes a revenue, capacity
and average price forecast during 2006 to 2020. Additionally, the key projects deployed in the
key countries are also discussed. The key countries include China, Brazil, India, Norway,
Sweden, the UK, Germany and the US.
Please note: The scope of the market analysis data provided in the report for global and key
countries is limited to HVDC converter stations. Market revenues have been rounded off
throughout the report which may result in some minor discrepancies caused by rounding-off errors
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
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Global HVDC Converter Station Market Analysis
3.6 HVDC Converter Station Market, Global, Price Analysis, 2012
The price of an HVDC converter station depends on various parameters, including the power
capacity to be transmitted, environmental conditions, the regulatory environment, safety
requirements, and whether the substation will be offshore or onshore. The variety of filters and
transformers used in the station can also have an effect on the end price. Aside from this, the cost
of engineering, erection commissioning, and civil work varies with the project.
The power capacity of an HVDC project is the most important parameter among those listed above,
in terms of impact on the end price of the converter station. As the power capacity of an HVDC
converter station increases, the price per kW reduces. In 2012, the lowest average price of an
HVDC converter station whose capacities ranged between XX MW and XX MW was $XX per kW,
while the highest price was $XX per kW. During the same year, the lowest and highest prices of an
HVDC converter station whose capacities were above XX MW were $XX per kW and $XX per kW
respectively. The figure below shows the per kW prices of HVDC converter stations in 2012, for
different power capacities.
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
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Global HVDC Converter Station Market Analysis
Figure 8: HVDC Converter Station Market, Global, Price Analysis ($/kW), 2012
<100
100–
300
300–
500
500–
1,00
0
1,00
0–1,
500
1,50
0–2,
000
2,00
0–3,
000
3,00
0–5,
000
5,00
0–6,
000
6,00
0–8,
000
>8,0
00Capacity (MW)
Aver
age
pric
e ($
/kW
)
Minimum price Maximum price
Source: GlobalData, Power eTrack, Equipment Market Database [Accessed on July 19, 2013]
Table 3: HVDC Converter Station Market, Global, Price Analysis ($/kW), 2012 Capacity (MW) Minimum price Maximum price
<100
100–300
300–500
500–1,000
1,000–1,500
1,500–2,000
2,000–3,000
3,000–5,000
5,000–6,000
6,000–8,000
>8,000
Source: GlobalData, Power eTrack, Equipment Market Database [Accessed on July 19, 2013]
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
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Global HVDC Converter Station Market, Key Country Analysis
4.3.6 HVDC Converter Station Market, India, Annual Volume, 2006–2020
The HVDC converter station market in India observed the deployment of a considerable number of
projects during 2006 to 2012. The objectives of reducing T&D losses, transmitting power from
remotely located power-generating units to load centers and interconnecting the country’s regional
grids have been the key factors behind the growth of the HVDC converter station market. The
annual volume of HVDC converter stations increased from XX units in 2006 to XX units in 2011,
and reduced to two units in 2012. The irregular trend observed in the HVDC market is due to the
changing number of contracts signed for HVDC converter stations annually.
These factors will continue to drive the growth of the HVDC converter station market between 2013
and 2020. During this period the annual volume of HVDC converter stations is estimated to range
from four to seven units
Figure 25: HVDC Converter Station Market, India, Annual Volume (Units), 2006–2020
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Annu
al v
olum
e (u
nits
)
Source: GlobalData, Power eTrack, Equipment Market Database [Accessed on July 15, 2013]
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Global HVDC Converter Station Market, Key Country Analysis
4.5.2 HVDC Converter Station Market, Sweden, Total Transmission Line Length, 2006–2020
The Swedish transmission grid has observed considerable growth since the deregulation of the
country’s power market. The transmission network in Sweden is largely comprised of XXkV–XXkV
and XXkV transmission lines. It also has XXkV and HVDC lines, which formed a small portion of
the grid in 2012. The cumulative length of power transmission lines in Sweden was XX Ckm in
2006, and this increased to XX Ckm in 2012. During 2006 to 2012, XXkV–XXkV transmission lines
were the most widely deployed, and amounted to XX Ckm in 2012, while the length of lines at
XXkV and XXkV voltage levels amounted to XX Ckm and XX Ckm respectively. Sweden had
around XX Ckm of HVDC transmission line length in 2012.
Over the forecast period 2013 to 2020, the cumulative length of transmission lines is expected to
increase, from XX Ckm in 2013 to XX Ckm in 2020. The transmission network in Sweden often
becomes strained due to increasing electricity load, which occurs during transmission of high levels
of hydropower electricity, generated in the north, to load centers in the south. The increased power
trading between the Nordic and other European countries has also increased congestion in the
existing transmission network. To overcome the transmission obstacles, considerable investment is
expected to expand and upgrade the existing transmission network in Sweden over the forecast
period. The country’s transmission network will be strengthened to enable increasing power trade
between countries, and also to accommodate the growing amount of wind energy that will be
channeled into the grid.
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Global HVDC Converter Station Market, Key Country Analysis
Figure 34: HVDC Converter Station Market, Sweden, Transmission Line Length (Ckm), 2006–2020
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tran
smis
sion
line
leng
ht (C
km)
70–130kV 220kV 275kV 400kV HVDC
Source: GlobalData, Power eTrack, Transmission and Distribution Database [Accessed on July 10, 2013]
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Appendix
5 Appendix
5.1 Definitions
5.1.1 HVDC Converter Station
HVDC converter stations convert AC electricity generated from a power plant to a DC current.
5.1.2 HVDC Transmission System
HVDC transmission systems have the capability to transmit power over long distances with
minimum T&D losses.
5.1.3 Power
According to Energy Information Administration, power is defined as the rate of producing,
transferring, or using energy, most commonly associated with electricity. Power is measured in
watts and often expressed in kilowatts (kW) or Megawatts (MW). Also known as ‘real’ or ‘active’
power.
5.1.4 Installed Capacity
According to Energy Information Administration, installed capacity is defined as the amount of
electric power delivered or required for which a generator, turbine, transformer, transmission circuit,
station, or system is rated by the manufacturer.
5.1.5 Electricity Generation
According to Energy Information Administration, electricity generation is defined as the process of
producing electric energy by transforming other forms of energy; also, the amount of electric
energy produced, expressed Gigawatt hours (GWh).
5.1.6 Net Electricity Consumption
Consumption of electricity calculated as generation, plus imports, minus exports, minus
transmission and distribution losses, measured in Gigawatt hours (GWh).
5.1.7 Thermal Power Plant
A plant in which turbine generators are driven by burning fossil fuels.
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Appendix
5.1.8 Hydropower Plant
According to Energy Information Administration, a hydropower plant is defined as a plant in which
the turbine generators are driven by falling water.
5.1.9 Nuclear Power
According to Energy Information Administration, nuclear power is defined as the electricity
generated by the use of the thermal energy released from the fission of nuclear fuel in a reactor.
5.1.10 Renewable Energy Resources
According to Energy Information Administration, renewable energy resources are naturally
replenishing but flow-limited energy resources. They are virtually inexhaustible in duration but
limited in the amount of energy that is available per unit of time. Renewable energy resources
include: biomass, biogas, solar, and wind.
5.1.11 Electricity Consumption
Electricity consumption is a sum of electricity generated, plus imports, minus exports, minus
transmission and distribution losses, measured in Gigawatt hours (GWh).
5.1.12 Market Size
The revenue generated from the HVDC converter station sold in that particular period.
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Appendix
5.2 Abbreviations
Table 53: List of Abbreviations Abbreviations Full Form
AC Alternating Current
CAGR Compound Annual Growth Rate
Ckm Circuit kilometer
DC Direct Current
EC European Commission
EHV Extra High Voltage
FYP Five year Plan
GW Gigawatt
HVAC High Voltage Alternative Current
HVDC High Voltage Direct Current
Hz Hertz
IAEA International Atomic Energy Agency
Km Kilometer
kV Kilovolt
kW Kilowatt
MW Megawatt
MWh Megawatt hour
R&D Research and Development
ROW Right of Way
RPS Renewable Portfolio Standards
SEB State Electricity Board
SGCC State Grid Corporation Of China
T&D Transmission and Distribution
TSO Transmission System Operator
TW Terawatt
TWh Terawatt hour
UHV Ultra High Voltage
UHVDC Ultra High Voltage Direct Current
Source: GlobalData
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Appendix
5.3 Bibliography
ABB (2009). Rio Madeira - The longest transmission link in the world - 2,375 kilometers. ABB.
Available from:
http://www.abb.co.in/industries/ap/db0003db004333/137155e51dd72f1ec125774b004608ca.as
px [Accessed on July 10, 2013]
Beniwal A (2012). HVDC Technology Prepares System For More Wind Power. Renew Grid.
Available from: http://www.renewgridmag.com/print.php?plugin:content.8632 [Accessed on
August 13, 2013]
Birol F (2004). Power to the people – The World Outlook for Electricity Investment.
International Atomic Energy Agency. Available from:
http://www.iaea.org/Publications/Magazines/Bulletin/Bull461/article3.pdf
Brazil.gov (2012). The Energy Matrix. Brazil. Gov. Available from: http://www.brasil.gov.br/cop-
english/overview/what-brazil-is-doing/the-energy-matrix/print [Accessed on July 10, 2013]
CE (2012). The UK Offshore Wind Report, 2012. The Crown Estate. Available from:
http://www.thecrownestate.co.uk/media/297872/UK%20offshore%20wind%20report%202012.p
df
EWEA (2011). Pure Power Wind Energy Targets for 2020 and 2030. European Wind Energy
Association. Available from:
http://www.ewea.org/fileadmin/ewea_documents/documents/publications/reports/Pure_Power_
III.pdf
EWEA (2013). The European offshore wind industry key trends and statistics 2012. European
Wind Energy Association. Available from:
http://www.ewea.org/fileadmin/files/library/publications/statistics/European_offshore_statistics_
2012.pdf
GoI (2012). Report of The Working Group on Power for Twelfth Plan (2012-17). Government of
India, Ministry of Power. Available from:
http://planningcommission.nic.in/aboutus/committee/wrkgrp12/wg_power1904.pdf
High-Voltage Direct Current (HVDC) Converter Stations - Global Market Size, Average Pricing and Equipment Market Share to 2020 163 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.
HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Appendix
GTAI (2013). Germany’s Wind energy industry - Market Conditions, Investment Environment
and Business Opportunities. Germany Trade and Investment. Available from:
http://www.gtai.de/GTAI/Content/EN/Invest/_SharedDocs/Downloads/GTAI/Fact-
sheets/Energy-environmental/fact-sheet-wind-energy-in-germany.pdf
Heyman O (2012). HVDC Light It’s time to connect. ABB. Available from:
http://www05.abb.com/global/scot/scot221.nsf/veritydisplay/2742b98db321b5bfc1257b26003e
7835/$file/Pow0038%20R7%20LR.pdf
IMF (2012). World Economic Outlook database [database]. International Monetary Fund.
Available from: http://www.imf.org/external/pubs/ft/weo/2012/02/weodata/WEOOct2012all.xls
[Accessed on October 20, 2012]
Lang and Mutschler (2013). Bundesrat Passes Federal Requirement Plan for Transmission
Networks. Germany Energy Blog. Available from: http://www.germanenergyblog.de/?p=13250
[Accessed on July 10, 2013]
Niehage U (2011). HVDC Growth Market – More Energy Highways for Europe’s Power Grid.
Siemens. Available from: http://www.siemens.com/press/pool/de/events/2011/energy/2011-09-
mallorca/presentation-niehage-e.pdf
Norling J (2012). Fenno-Skan 2. Svenska Kraftnät. Available from:
http://www.svk.se/Start/English/Projects/Project/Completed-projects/Fenno-Skan-2/ [Accessed
on July 15, 2013]
Rudervall R, et al. (2000). High Voltage Direct Current (HVDC) Transmission Systems
Technology Review Paper. Energy Week 2000 Washington, D.C, USA. Available from:
http://large.stanford.edu/courses/2010/ph240/hamerly1/docs/energyweek00.pdf
SOU (2008). Grid Issues for Electricity Production Based on Renewable Energy Sources in
Spain, Portugal, Germany, and United Kingdom. Statens Offentliga Utredningar. Available
from: http://www.regeringen.se/content/1/c6/09/85/14/4c8fba69.pdf
Swedish Energy Markets Inspectorate (2011). The Swedish electricity and natural gas markets
2010. Swedish Energy Markets Inspectorate. Available from: http://www.energy-
regulators.eu/portal/page/portal/EER_HOME/EER_PUBLICATIONS/NATIONAL_REPORTS/N
ational%20Reporting%202011/NR_En/C11_NR_Sweden-EN.pdf
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
AVERAGE PRICING AND EQUIPMENT MARKET SHARE TO 2020
Appendix
WNA (2013). World Energy Needs and Nuclear Power. World Nuclear Association. Available
from: http://www.world-nuclear.org/info/Current-and-Future-Generation/World-Energy-Needs-
and-Nuclear-Power/#.UfuCLtKB_Sg [Accessed on July 10, 2013]
5.4 Coverage
This report gives detailed information on the global HVDC converter station market. The report also
provides in-depth coverage of the markets for China, Brazil, India, Norway, Sweden, the UK,
Germany and the US. The report contains:
Analysis of the HVDC converter station market, providing data on the market size, capacity,
average price, key contracts and market share for key players
Data on the market size, capacity, price, key projects and market share of players for HVDC
converter stations, both globally and for the above-mentioned eight countries
SWOT analysis of the key HVDC converter station market players
Drivers and restraints affecting the HVDC converter station market
5.5 Methodology
GlobalData’s dedicated research and analysis teams consist of experienced professionals with a
pedigree in marketing and market research, consulting backgrounds in the energy industry, and
advanced levels of statistical expertise.
GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and
the Strategic and Competitive Intelligence Professionals (www.scip.org).
All GlobalData’s databases are continuously updated and revised. The following methodology has
been followed for the collection and analysis of data presented in this report.
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HIGH-VOLTAGE DIRECT CURRENT (HVDC) CONVERTER STATIONS - GLOBAL MARKET SIZE,
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Appendix
5.5.1 Secondary Research
The research process begins with exhaustive secondary research within GlobalData's own
databases and external sources.
Market values and capacity, pricing estimates and market growth rates are arrived at by taking the
following into consideration:
Statistics and historic trends provided by government bodies, industry associations and equipment
vendors for HVDC converter stations.
Government plans expanding the countries transmission grid, interconnection between countries
and growth plans or targets for generation and installed capacity of renewable energy sources
specifically hydro and offshore wind plants
Government and private sector investments
Government regulations, policies, incentives and targets for power generation and transmission
Other insights built through secondary research and analysis of company websites, annual reports,
investor presentations, industry and trade journals, and association data
5.5.2 Primary Research
A number of primary interviews are conducted with personnel across the value chain to verify and
fine-tune the market numbers obtained from secondary research and get first-hand information on
industry trends.
Participants are drawn from a diverse set of backgrounds including HVDC converter station
manufacturers, transmission grid operators, industry associations and government bodies.
Participants include, but are not limited to, business development and sales managers, C-level
executives, industry consultants and purchasing managers
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Appendix
5.5.3 Definitions, Market Estimates and Assumptions
The capacities for HVDC converter stations have been calculated by adding power capacities
of all the HVDC contracts for a given year. The annual volume sales for HVDC converter
stations have been forecast based on the type of HVDC converter station deployed (Bi-pole
and back to back HVDC converter stations).
The market revenue has been calculated by multiplying the capacity of the HVDC converter
stations with the average price of the converter station.
It has been assumed that the contracts for HVDC converter stations will be signed on an
average two to three years prior to the commissioning or completion of the project.
It has been assumed that the average price of HVDC converter stations will reduce with
increasing capacity of HVDC converter stations.
Various qualitative and quantitative insights have been considered for estimating the market
size. The forecast data and model has been validated through various industry experts.
5.6 Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior
permission of the publisher, GlobalData.
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